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Families in Business Blog

The language you use when talking to older family leaders is important

When conversing with long term family leaders you need to be aware of the expressions and language you use. I have compiled the attached chart to highlight some of the terminology used in 2018 that might not resonate with baby boomer founders.
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I keep coming across families in business who do not have a succession strategy or plan

You cannot deny the published research. Nearly 70% of families in business do not have a succession plan for the next generation. Many family business leaders have never had a conversation regarding succession with their children. Without the conversations taking place confusion and emotions will hinder a smooth transition.
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Leaders never stop learning

The man died at 25, but wasn't buried until 75. (Ben Franklin)
You must apply a program of continuous learning for yourself and never assume that you have reached a point where you think learning does not apply to you.
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Why I will drive 2 hours there and back for a one hour family business meeting meeting

Family business meetings are often full of emotion. Especially when you have a diverse mix of individual family members in the meeting
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Families in business must not fall into the trap of believing what has happened in the past is right for the future

Failing to innovate and researching for ways to anticipate your customers future needs means you are content to just keep doing what you have always done. The end result will be a declining family business that will not survive the next generation.
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Family business leaders need to set a use-by date. However, many are not prepared to let go.

Much of the commentary and research around succession in family business suggests that there is a lack of preparation and a failure to plan early. Succession is also highlighted as a key issue of concern for the fture sustainability of the firm.
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Family leaders think they are invincible when it comes to their health. They are just like a Frog in a pot.

You would not neglect to service you car or maintain your business assets. The key driver of any family business are people. How often do you do preventative maintenance on your own health?
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Whole of family conversations are necessary to ensure a smooth transition from one generation to the next

An insightful article from the UK by Howard Hackney LLP a specialist in family business. No matter the country, families in business have the same issues
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I am not sharing our secrets and I don't need help from outside the family

I couldn't tell you how many times I have heard this from older family business owners who will not let go and it frustrates the hell out of the next generation. To overcome this roadblock found with many family business owners, robust conversations are necessary.
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The sudden death of a family business leader is an extremely emotional time for family and staff.

Facilitating family business succession conversations is proving to be worthwhile by enabling the business to continue within the highly emotional period following the sudden and unexpected death of a senior family leader.
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